Las Vegas Down Payment Assistance
Las Vegas mortgage down payment assistance programs have officially been removed as an option per the new “Hope For Home Ownership Act” went into effect Oct. 1 2008.
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Currently, the minimum down payments to secure mortgages are $1 for VA, 3.5% for FHA loans, and 10 - 15% for conventional loans. Down payments for jumbo mortgages (anything greater than $417,000) are approved on a case by case scenario based on credit, income, and assets.
There is also a new tax credit of up to $7500 that a first time home owner can take advantage of to help cushion the down payment.
If you are having a challenge finding a down payment, there is always the 12-month lease option program that allows a borrower to actually refinance into a new property after 12 months of payment history.
Either way, new legislation is being discussed that would bring the down payment assistance program back to Las Vegas as soon as Jan - Feb 2009.
If you have any questions, please feel free to call or email.
Written by Mark Madsen, a Las Vegas Loan Officer - Please contact our office for more information about Las Vegas home loans. 702-432-5626
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